The hedge fund industry has struggled to outperform global markets over the past decade, but its billionaire executives are finding lucrative personal tax strategies abroad. Chris Rokos, founder of Rokos Capital Management, is relocating his tax residency from the UK to Greece to capitalize on favorable tax reforms. In the UK, the top income tax rate is 45%, with carried interest taxed at 34%. Greece, since 2019, allows foreigners to exempt foreign gains by paying a flat annual tax of €100,000, plus exemption from inheritance tax on foreign assets.

This summer, Greece sweetened the deal further: private equity and hedge fund executives relocating there pay only 5% tax on bonuses and carried interest, down from 15%. Vasilis Karatzas, an adviser to Greek finance minister Kyriakos Pierrakakis, actively courted Rokos. The move follows other UK tax emigrants like Lakshmi Mittal and Richard Gnodde. Greece’s regime requires employers to spend at least €3mn annually operating locally to qualify.

Meanwhile, anticipation builds for potential IPOs of Anthropic and OpenAI, with speculation that they could surpass SpaceX’s recent valuation milestone.